On December 14, Bill C-45, designed to implement certain measures of Budget 2012, cleared the Senate and was given Royal Assent.

As we've discussed in previous blog posts, the Bill amends the Payment Clearing and Settlement Act and Canada Deposit Insurance Corporation Act to support central clearing of OTC derivatives, enhance federal powers to deal with insolvent deposit taking institutions and introduce a new temporary stay on eligible financial contracts when an order incorporating a bridge institution is made.

The relevant provisions came into force on the date of Royal Assent.